Crypto currency values may be at 18 month lows and falling, but this may turn out to be a good time to take them as payment.
Better, at least, than accepting Bitcoin and then seeing its value drop by half, as has happened over the past six months.
If Frédéric Arnault, CEO of TAG Heuer, is worried about the market rout, he isn’t showing it.
Instead, he has announced that the company is now accepting payment in crypto currency on its American ecommerce site.
“The rise of cryptocurrencies has been exponential since Bitcoin first started trading in 2011 and we have been following these developments very closely. As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future, one that will deeply transform our industry and beyond” Mr Arnault predicts.
The news comes just one week after Tesla CEO Elon Musk suspended car purchases using Bitcoin due to climate change concerns. Powerful computers are needed to “mine” Bitcoins that use vast amounts of power.
No matter. From this week, TAG Heuer customers in the United States can purchase watches online using one of 12 cryto currencies: Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) and more, as well as five US dollar-pegged stable coins.
No time frame has been given for rolling out the crypto currency plan in the UK.
